Laserfiche WebLink
in under 9-1/2%, without going back and amending the <br />Ordinance. He gave the exact wording in the Ordinance: <br />"Such bonds may be in coupon form in such denominations <br />bearing interest at such rate or rates not exceeding 9-1/2% <br />per annum." <br />Mr. Poe advised that there is a way to price bond <br />issues where you have a low interest rate and then the <br />discount is higher, but Attorney Brandenburg pointed out <br />there is also a requirement that they be sold for not less <br />than 95% of par so they would not be able to discount them <br />to make up the difference beyond 95%. <br />Attorney Brandenburg advised the Board that if they <br />want to go ahead today and take a chance on selling at below <br />9-1/2%, to pass the resolution. The alternative would be to <br />change the Ordinance. <br />ON MOTION by Commissioner Lyons, <br />SECONDED by Commissioner Scurlock, the <br />Board unanimously decided to leave the <br />Ordinance as written, and adopted Resolution <br />83-63, thereby requiring bonds to be sold <br />at a rate not exceeding 9-1/2% per annum. <br />Attorney Brandenburg recommended that the Board <br />authorize the Legal Department to file for validation of the <br />refinancing. <br />ON MOTION by Commissioner Lyons, <br />SECONDED by Commissioner Scurlock, the <br />Board unanimously authorized the. County <br />Attorney to file for validation of <br />refinancing immediately. <br />61 <br />6QOK PAGE -21 <br />�_ <br />AUG�:7 1983 J <br />